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Diligent Media Corporation Limited V/S Noble Publicity Service Pvt. Ltd.

    M.A 234, 287/2020 and C.P.(IB)-2238(MB)/2019

    Decided On, 25 February 2020

    At, National Company Law Tribunal Mumbai

    By, MEMBER


Judgment Text

1. M.A 234/2020 has been filed by the Operational Creditor who has initiated the CIRP, is regarding the change of IRP/RP. Since the COC has been constituted and consists of Axis Bank as the Financial Creditor, has taken a decision to continue with the same IRP/RP.

Hence, this M.A.234/2020 has become redundant.

2. In M.A 287/2020, besides the counsel, the IRP is also present. The counsel for the R3, who is the Auditor/Chartered accountant is present. M.A 287/2020 relates to the non-cooperation from the side of ex-directors and other representatives of the Corporate Debtor's company under section 19(2) of the Code.

3. At page 35 of the petition, the financial information being sought by the IRP has been mentioned. The counsel for the R3 mentions that they would provide the details regarding the balance sheet and all financial information up to 31.03.2018.

4. Since, the R3 is an auditor for the company therefore, this Bench directs that all information relating to the details of the assets which would include all movable and immovable assets also be provided to the IRP in the next one weeks' time. Information relating to the employee's key managerial personnel like CFO etc. be provided by the ex-directors of the Corporate Debtor's company to the IRP in next one weeks' time.

5. This Bench noted that M.A. 287/2020 has been served only on one ex-director i.e. Mr. Sunil Bhatia, and it was mentioned by the counsels appearing that Mr. Sunil Bhatia recently passed away. The Bench notes that the IRP has not made other directors as a party whose names are reflecting on the MCA website. The IRP is directed to approach all the other ex-directors and seek relevant information from them.

6. All the sides are instructed to provide all necessary information required for carrying further CIRP of the Corporate Debtor's company failing which, this Bench will be constraint to take necessary action as per the Code.

7. The compliance regarding the supply of information by the ex-directors and the auditor as per this order may be given by the IRP to this Bench on the next date of hearing.

8. The Bench on enquiring from t

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he IRP felt that the pace of CIRP is very tardy. The IRP is yet to prepare the information memorandum and is directed to prepare the information memorandum in the next 2 weeks' time. 9. The matter is adjourned to 12.03.2020.